According to data from the petroleum ministry, state-owned Oil and Natural Gas Corporation (ONGC), its contribution to national production has increased to over 70% from under 53% a decade ago. While the ONGC has retained production levels, other operators’ output has decreased, resulting in a decline in India’s overall output and a sharp increase in import dependence.
ONGC assisted manufacturing over more than the last ten years, in spite of the greater part of fields coming across natural decline after being in function for more than four decades, and had an outcome of 44.57 million tonnes of oil and oil equivalent gas in 2019-2020, computing for 70.3% of India’s total production of 63.353 million tonnes. In 2015-2016, h the last drop from aging fields halted the decline and even led to a marginal rise.
Even though its output fell from the previous year, ONGC’s share of total crude oil and natural gas production in the country increased, according to data from the ministry’s recent analysis. ONGC is centralizing its attempts on locating oil and gas reserves in Category II and III basins that lack proven hydrocarbon proficiency. According to the data given at the study, this helped ONGC gather in-place reserves of 2,246 million tonnes of oil between 2002 and 2015, with a total augmentation of 1,014 million tonnes. Of these, ONGC manufactured 830 million tonnes of oil and oil equivalent gas. It has given its approval to 14 proposals to build 135 million tonnes of reserves.
